AN ANNUAL AL GENER ERAL AL MEETING TING 201 019
Safe harbour notice Certain statements made in this presentation are forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to BCE’s 2019 annualized common share dividend, our network deployment and capital investment plans, BCE’ s business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All such forward-looking statements are made pursuant to the ‘safe harbour ’ provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995 . Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward- looking statements. For a description of such assumptions and risks, please consult BCE’s 2018 A nnual MD&A dated March 7, 2019, as updated in BCE’s 2019 First Quarter MD&A dated May 1, 2019, and BCE’s news release dated May 2, 2019 announcing its financial results for the first quarter of 2019, all filed with the Canadian provincial securities regulatory authorities (available at sedar.com) and with the U.S. Securities and Exchange Commission (available at sec.gov), and which are also available on BCE's website at BCE.ca. The forward-looking statements contained in this presentation describe our expectations at May 2, 2019 and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward- looking statements contained in this presentation, whether as a result of new information, future events or otherwise. The terms “adjusted EBITDA” and “adjusted EBITDA margin” are non -GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. Refer to the sectio n “ Non-GAAP financial measures and key performance indicators (KPIs)” in BCE’s 2019 First Quarter MD&A for more details.
ANNUAL L GENERAL SHAREHOLD LDERS S MEETING 20 2019
Bell has been connecting Canadians since 1880
Canada’s largest communications company in 2019 22M+ $23B $85B CUSTOMER CONNECTIONS ANNUAL REVENUE ENTERPRISE VALUE 1 in every 350 employed Canadians works at Bell
Bell’s revenue mix today Business Broadband TV Home Media Wireless Phone and Internet Phone 11% 36% 8% 37% 8% Broadband leadership strategy has transformed your company
Our r Goal oal For Bell to be recognized by customers as Canada’s leading communications company Our r 6 Strat ategi egic c Imp mperative atives Invest in Broadband Accelerate Leverage Wireline Networks & Services Wireless Momentum Achieve a Competitive Improve Customer Expand Media Cost Structure Service Leadership
1 Inve vest st in Broadba dband d Networks works & Service rvices
Fibre build now halfway complete Toronto St. John’s Montréal Winnipeg Kingston Québec City Gatineau Halifax Oshawa Sudbury Fredericton Kingston Sherbrooke 905 Region Charlottetown Brandon Cornwall North Bay Pure fibre directly to more than 4.7 million locations at the end of Q1
Bell is Canada’s fastest Internet provider SPEED INDEX (Mbps) 115.0 87.6 55.9 55.5 54.2 49.2 35.9
Broadband Internet access for rural communities Wireless less Home Intern rnet et already on in 60+ communities in ON and QC High-speed connections for 1.2 million small town and rural homes
Algoma District Algonquin Highlands Alma Alnwick Haldimand Argenteuil Ayer’s Cliff Bolton-Est Charlevoix Bracebridge Brome-Missisquoi Bruce County Caledon Carleton Place Central Huron Chatham-Kent Clarence-Rockland Douro-Dummer Dunham Elgin County Charlevoix-Est Chertsey Erin Georgian Bay Glengarry United Counties Grey County Grey Highlands Hastings County Huntsville Kilbride Huron County Kawartha Lakes Kawartha Lakes Division Kemptville Kenora Kenora District Huron East La Peche La Région-Sherbrookoise La Vallée-de-la-Gatineau Lac-Saint-Jean-Est Lake of Bays Lambton County Lanark County Le Bas-Richelieu Le Centre-de-la-Mauricie Le Domaine-du-Roy Adding Le Fjord-du-Saguenay Le Haut-Richelieu Le Haut-Saint-Laurent Le Val-Saint-François Leeds and Grenville United Counties 200,000 Lennox and Addington County Les Basques Les Laurentides Les Jardins-de-Napierville Mapleton Maria-Chapdelaine Matawinie households McDougall Meaford Memphrémagog Middlesex County Milton Minden Hills in 2019 Montcalm Muskoka Lakes Napanee Nipissing District Norfolk North Dundas North Grenville North Hatley North Kawartha Northumberland County Omemee Ormstown Oro-Medonte Oxford County Parry Sound District Pelham Perth Listowel Pontiac Potton Prescott and Russell United Counties Prince Edward County Rawdon Rideau Lake Rivière-du-Loup Rouville Saint-Adolphe-d'Howard Saint-Anicet Saint-Donat Saint-Félix-de-Valois Saint-Gabriel-de-Brandon Saint-Gedeon Sainte-Marguerite-du-Lac-Masson Seguin Selwyn Severn Simcoe County Smiths Falls South Bruce Peninsula Sutton Tiny Trent Lakes Val-des-Monts Wainfleet South Frontenac South Glengarry St. Clair Stone Mills Wellesley Wellington County West Grey West Lincoln Wilmot
World-leading wireless speeds continue to increase 2015 2017 2017 2018 335 Mbps 550 Mbps 1+ Gbps 750 Mbps Ongoing enhancement of Bell’s 4G LTE Advanced network
Bell preparing to deliver the 5G wireless revolution Unmatched fibre density is a competitive advantage
2 Acceler elerate te Wireless less
Leading market share in wireless 2018 wireless net customer additions 480k 347k 301k
Lucky Mobile re-energizes Bell prepaid wireless
NEW: Dollarama becomes exclusive prepaid partner 1,200 locations added to national prepaid retail presence May 1
3 Lever erage age Wi Wireline line Mome mentum tum
Canada’s fastest Internet Bell first and only in Canada to offer consumer speeds of 1.5 Gbps
Strong results at Bell Business Markets Increases in broadband connectivity, enterprise data products
Connecting Canadian business and government INDUSTRY FINANCE INDUSTRY FINANCE RETAIL GOVERNMENT RETAIL GOVERNMENT
4 Expand d Media dia Leade dership ship
Adapting to changing viewing habits 1997 2010 2018 Delivering the best TV content to customers the way they want it
Bell is Canada’s largest television provider SUBSCRIBERS (000 S ) DEC 31 2018 2,853 2,368 1,685 1,597 1,093 676 S ervice innovation and best content drives Bell’s TV leadership
Bell Media: Canada’s #1 media company Canada’s most -watched network Best national newscast The top sports channels Out-of-home innovator The leading radio broadcaster The top specialty channels
3.3M viewers for GOT premiere on Crave breaks pay TV records
Streaming innovation with the new Day Pass
5 Improve ove Customer mer Service vice
Service investments driving customer satisfaction 25M 98% 90% self-serve tech arrived Same Day Next visits on time Day repair 92% 85% 4.6 / 5 Fibe TV highly satisfied calls answered app rating with tech visit in 20 seconds
Churn improvement across all services in Q1 Lowest postpaid wireless churn in 15 years
#1 National Carrier for Customer Service 2017 2018 2019 #1 #1 #1
6 Achieve ieve a Competitive petitive Cost Struct ctur ure
Leading wireline profitability among peers WIRELINE EBITDA MARGIN 2018 WIRELINE EBITDA MARGIN 2018 WIRELINE EBITDA MARGIN 2018 MAY 1 TORONTO 5 O 10:11 ET 42% S&P 500 2,950.27 +4.44 DOW 30 +43.14 26,636.05 NASDAQ 28% 27% +0.31 +2.26 8,131.06 +35.67 20% TODAY CANADA’S $10 VIOLA DESMOND BILL WINS WORLD’S BEST BANK NOTE SX) 20.83 0.07 BCE INC (BCE TSX) 60.15 0.21 BOARDWALK REI QUALCOMM (QCOM NASD) 87.76 1.63 RAYTHEON (RTN NYSE) 179 Disciplined cost management delivers industry-leading margins
Value Creation
Added $50 billion of enterprise value since 2008 ANNUALIZED DIVIDEND PER SHARE $3.02 $3.17 +117% Total $2.76 $2.87 $1.46 $1.54 $1.62 $1.74 $1.83 $1.97 $2.07 $2.17 $2.27 $2.33 $2.47 $2.60 Shareholder Returns Since Dec. 31, 2008 308% Q4 Q1 Q3 Q1 Q3 Q1 Q2 Q1 Q3 Q1 Q1 Q1 Q1 Q1 Q1 Q1 08 09 09 10 10 11 11 12 12 13 14 15 16 17 18 19 11 consecutive years of 5% or better growth in dividend
Total shareholder return APRIL 28, 2018 – MAY 1, 2019 20.9% 16.5% 15.0% 11.4% 0.8%
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